Every year over the next four the Group will invest 7 million euros in Research and Development, a priority area in the Group's activity.

Next June Azkoyen shareholders will receive 0.18 euros per share as a year-end dividend for the 2001 financial year, according to a decision by the Annual General Meeting held this morning in Peralta (Navarre).

The proposal of the Board of Directors, which, together with the dividend paid on account last December (0.108 euros) represents 0,288 euros (gross) per share, is an increase of 20% on the dividend paid out in the previous financial year. Net consolidated profits of the Azkoyen Group for 2001 reached 16.832 million euros, an increase of 77% on the previous year; and as a dividend more than 36% of the result will be paid our (6.156 million euros).

Official sources of the Azkoyen Group have confirmed that "forecasts for the next few years are optimistic", based on the fact that the incorporation new products and the diversification of product lines "will more than offset" the euro effect. Expansion continues to be the tonic.

The Group will invest around 100 million euros in the next five years for the improvement of products and facilities, and also 7 million euros over the next four years in R&D. This area is considered a "priority in our activities", according to the same sources. Having one's own technology, from research to industrial applications, "means a major allocation of human and technical resources", and by next year "we hope to maintain the rhythm of activities, following our policy of expansion in products and markets".

The Azkoyen Group's firm choice of R&D is significant. Last year it allocated 6.6 million euros to R&D, i.e. 3.7% of turnover. This percentage is noteworthy if we compare it with the percentage of GDP used for R&D in Spain (0.9%), Germany (2.3%), Italy (1.04%), France (2.18%) or the United Kingdom (1.83%) according to the COTEC report for 2001.

2001, a very positive year

Turnover reached the figure of 178.8 million euros, an increase of 24.7% on the previous year. Exports accounted for 33.9% of the total. By business area, vending and hotel and catering represent 50.6%, payment systems 33.4% and the rest (16%) corresponds to the sale of coffee and other marketed products.

According to its Chairman, José María Careaga, "2001 has been very satisfactory" for the Azkoyen Group, "both for the launch of the new organisation and its division into business and activity areas, and for the impact in the second half of the year by due to the introduction of the euro".

As far as financial performance is concerned (the major increase in profits - 77%) the Chairman of the Azkoyen Group says that this is the result of the "improved margins", quoting as reasons "the increase in the volume of sales, a reduction in the price of some raw materials, more efficient use of human and technical resources, and the major reduction, in relative terms, in structural costs".

Investments in tangible fixed assets in 2001 were 9.6 million euros, an increase of 7.4%. These investments have mainly been made to increase the production capacity of some lines, with considerable technological improvements.